VROEGVOGEL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
VROEGVOGEL
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€146,788
2024 · €86,605+€60,183
Equity
€881,405
2024 · €734,618+€146,788
Cash
€57,851
2024 · €40,013+€17,838
Balance sheet total
€2.1m
2024 · €2.1m-€27,445
Largest movements
Assets
- Tangible fixed assets -€72,689
down €72,689 (-4.6%), from €1.6m to €1.5m
of which Land and buildings: -€58,821
- Receivables within one year +€25,261
up €25,261 (+36.0%), from €70,148 to €95,409
Equity and liabilities
- Reserves +€146,788
up €146,788 (+20.2%), from €728,318 to €875,105
of which Distributable reserves: +€150,484
- Debts after one year -€108,524
down €108,524 (-10.7%), from €1.0m to €907,118
of which Financial debts: -€108,524
- Short-term financial debts -€50,000
down €50,000 (-100%), from €50,000 to €0
Income statement
- Gross operating margin +€84,571
up €84,571 (+35.1%), from €240,841 to €325,412
- Taxes +€31,125
up €31,125 (+82.4%), from €37,759 to €68,884
- Financial charges -€6,282
down €6,282 (-26.5%), from €23,734 to €17,453
- Depreciation -€5,049
down €5,049 (-5.9%), from €86,068 to €81,019
- Other operating charges +€4,542
up €4,542 (+57.1%), from €7,960 to €12,502
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€86,605
Gross operating margin
+€84,571
Depreciation
+€5,049
Other operating charges
-€4,542
Financial income
-€3
Financial charges
+€6,282
Taxes
-€31,125
Deferred taxes and other
-€49
Result 2025
€146,788
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€183,348
Investment
-€8,329
Financing
-€157,181
Cash 2024
€40,013
From operations (derived)
+€183,348
Net result for the year
+€146,788
Depreciation
+€81,019
Receivables within one year
-€25,261
Deferred charges and accrued income
-€2,146
Provisions
-€1,232
Trade debts
-€7,525
Tax, wage and social debts
+€13,385
Other debts
-€16,440
Accrued charges and deferred income
-€5,238
Investment (derived)
-€8,329
Investment in fixed assets (net)
-€8,329
Financing
-€157,181
Debts after one year
-€108,524
Current portion of long-term debt
+€1,343
Short-term financial debts
-€50,000
Cash 2025
€57,851
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,103,162 | €2,075,717 | -€27,445 | -1.3% |
| Fixed assets | 21/28 | €1,889,617 | €1,816,927 | -€72,689 | -3.8% |
| Tangible fixed assets | 22/27 | €1,564,617 | €1,491,927 | -€72,689 | -4.6% |
| Land and buildings | 22 | €1,535,279 | €1,476,458 | -€58,821 | -3.8% |
| Plant, machinery and equipment | 23 | €7,763 | €9,101 | +€1,338 | +17.2% |
| Furniture and vehicles | 24 | €10,991 | €3,779 | -€7,212 | -65.6% |
| Other tangible fixed assets | 26 | €10,584 | €2,590 | -€7,995 | -75.5% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €213,545 | €258,790 | +€45,245 | +21.2% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €70,148 | €95,409 | +€25,261 | +36.0% |
| Trade receivables | 40 | €70,148 | €95,409 | +€25,261 | +36.0% |
| Cash at bank and in hand | 54/58 | €40,013 | €57,851 | +€17,838 | +44.6% |
| Deferred charges and accrued income | 490/1 | €3,385 | €5,530 | +€2,146 | +63.4% |
| Total equity and liabilities | 10/49 | €2,103,162 | €2,075,717 | -€27,445 | -1.3% |
| Equity | 10/15 | €734,618 | €881,405 | +€146,788 | +20.0% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €728,318 | €875,105 | +€146,788 | +20.2% |
| Tax-exempt reserves | 132 | €78,000 | €74,303 | -€3,697 | -4.7% |
| Distributable reserves | 133 | €650,318 | €800,802 | +€150,484 | +23.1% |
| Provisions and deferred taxes | 16 | €77,294 | €76,062 | -€1,232 | -1.6% |
| Provisions for liabilities and charges | 160/5 | €51,294 | €51,294 | = | 0.0% |
| Pensions and similar obligations | 160 | €51,294 | €51,294 | = | 0.0% |
| Deferred taxes | 168 | €26,000 | €24,768 | -€1,232 | -4.7% |
| Amounts payable | 17/49 | €1,291,250 | €1,118,250 | -€173,000 | -13.4% |
| Amounts payable after more than one year | 17 | €1,015,642 | €907,118 | -€108,524 | -10.7% |
| Financial debts | 170/4 | €815,642 | €707,118 | -€108,524 | -13.3% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €267,406 | €208,167 | -€59,238 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €107,181 | €108,524 | +€1,343 | +1.3% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €15,043 | €7,518 | -€7,525 | -50.0% |
| Suppliers | 440/4 | €15,043 | €7,518 | -€7,525 | -50.0% |
| Taxes, remuneration and social security | 45 | €28,035 | €41,419 | +€13,385 | +47.7% |
| Taxes | 450/3 | €25,949 | €41,419 | +€15,471 | +59.6% |
| Remuneration and social security | 454/9 | €2,086 | €0 | -€2,086 | -100% |
| Other amounts payable | 47/48 | €67,147 | €50,707 | -€16,440 | -24.5% |
| Accrued charges and deferred income | 492/3 | €8,202 | €2,964 | -€5,238 | -63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,068 | €81,019 | -€5,049 | -5.9% |
| Other operating charges | 640/8 | €7,960 | €12,502 | +€4,542 | +57.1% |
| Gross operating margin | 9900 | €240,841 | €325,412 | +€84,571 | +35.1% |
| Operating profit (loss) | 9901 | €146,813 | €231,891 | +€85,078 | +57.9% |
| Financial income | 75/76B | €4 | €0 | -€3 | -86.6% |
| Recurring financial income | 75 | €4 | €0 | -€3 | -86.6% |
| Financial charges | 65/66B | €23,734 | €17,453 | -€6,282 | -26.5% |
| Recurring financial charges | 65 | €23,734 | €17,453 | -€6,282 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €123,082 | €214,439 | +€91,357 | +74.2% |
| Transfer from deferred taxes | 780 | €1,281 | €1,232 | -€49 | -3.8% |
| Income taxes | 67/77 | €37,759 | €68,884 | +€31,125 | +82.4% |
| Profit (loss) for the period | 9904 | €86,605 | €146,788 | +€60,183 | +69.5% |
| Transfer from tax-exempt reserves | 789 | €3,844 | €3,697 | -€147 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,448 | €150,484 | +€60,036 | +66.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.